Joint Ventures Do’s & Don’ts

Bill Walsh and Jay Fiset @ Vision to Wealth Calgary

I have not posted for a while, and have been working on many things…primarily joint ventures which is the final chapter of my upcoming book Event Marketing Millionaire.

Last Tuesday I/Personal Best hosted Bill Walsh of Powerteam International, in Calgary and he did his Vision to Wealth presentation.  It was an outstanding evening on every count!  Thank you Bill and the Powerteam team, Thank you Lance, Jessica, Anne and Armando you all went above and beyond I greatly appreciate it.

There are a multitude of lessons from this event about Joint ventures that work and this event is a great example of what works.

I should come clean and let you know that I have done joint ventures in the past (mainly about 10 years ago) that did NOT work out so well… in fact I  developed a bad taste in my mouth and for the most part swore off or at least dismissed joint venture opportunities and choose to focus on my business, my clients and my content.

Let me say as clearly and plainly as possible, that was a mistake, not a small mistake…a monumental mistake.  One which has  cost me Millions of dollars quite likely tens of millions of dollars.  The truth is, I simply did not have the knowledge and skills to properly attract, target, negotiate and set up the RIGHT JV relationships.

This post is intended to a provide some bullet points of do’s and don’ts, I will expand on each of them in “Event  Marketing Millionaire”

So lets start with what works because that is what is fresh on my mind from our fantastic event on Tuesday night.

Do

1)   Start the relationship with “What can I do for YOU?” NOT here is what you can do for me.

2)   Partner with an individual/organization that has shared values.

3)   You must compliment each other

4)   There MUST be significant value in the relationship

5)   They MUST understand business honor and acknowledge the most difficult aspects lead generation and conversion

6)   They must want YOU to win

7)   Ideally it is set up as a long term relationship

8)   Perfect clarity of the financial arrangements

9)   Perfect clarity of the refund policy and the handling of the dissatisfied customers

10)                  JV UP in the area that you want to do more work in

11)                  Provide great resources and tools to make the JV as easy and enjoyable as possible

12)                  Reward and acknowledge partners in BIG and significant ways!

Don’t

1)   Participate in parasitic relationships, BOTH parties must see, feel and experience the win!

2)   JV with someone that you don’t like or believe in at your core, the money is not worth it and the customers will NOT share your values.  It is a PAIN!

3)   JV with people that have different standards of excellence and delivery.  Your customers who have become accustomed to your standard will be gravely disappointed in what they purchase from your JV partner

4)   Set yourself or your partners up with poor information or technology that does not work (landing pages, affiliate tracking systems etc)

5)   Start or view JV’s as a short term/one hit process.  It is too much work and risk in most instances to not view the process as a LONG TERM relationship

6)   Be seduced by a large list or number of clients, the real important thing is who have the most INFLUENCE with their list. List size and list influence are 2 very different things

There are many more points to this but this is a good start.  If you are interested in some great points a fantastic resource is Jeff Walker’s Product Launch Formula.  Jeff is a great guy, has a grounded approach and has done literally hundreds of millions of dollars of joint ventures.

Now I am off to find some more great joint venture partners!

Until next time, Jay